Ducatt had to start insolvency proceedings due to the insolvency of German solar module manufacturer SolarWorld. Around 50% of Ducatt’s revenue came from orders placed by SolarWorld, as reported by local media.
Belgian solar glass manufacturer Ducatt filed for insolvency last week, according to several local media articles. The decision was determined by the insolvency of German PV module maker SolarWorld, which began the proceedings in mid-May. Around 50% of Ducatt’s sales came from orders placed by the German company.
“There are not sufficient guarantees for a quick recovery of SolarWorld. This makes the survival of Ducatt impossible,” reports local newspaper Gazet van Antwerpen citing a press release from the company. Around 140 employees will be hit by the insolvency proceedings.
On top of this, the European Union is also investigating into alleged illegal state aid the company received over the past years. The investigation started a year ago upon request of two competitors of the company, which claim it has received more than €40 million in state aid.
Ducatt acquired Centrosolar Glas in 2013, but immediately afterwards began to encounter its own problems. At the end of 2015, private investors Noël Esser and Urbain Vandeurzen, and local investment firm Investment-Gruppe LRM, rescued the company from its financial issues.